Home Appliance Revenues Not $100M As Claimed
Sydney based distributor McPherson, who are currently shopping the sale of their Home Appliances business has said that claims by their former CEO of $100m in revenues back in May 2016 was wrong.
During a taped interview the then CEO of Home Appliances Steve Rorie, claimed revenues of $100M and that the Company was growing at 20% per annum.
12 months later McPherson who are trying to sell the business claim that “Steve Rorie’s quotation of annualised sales of approx. $100m, were gross sales before all forms of rebates and customer allowances are netted off our reported Statutory sales. Rebates and allowances typically equate to approximately 20% of gross sales”.
The distributor also said that the statutory sales quoted in February 2017 when McPhersons acknowledged that Home Appliances contributed to 22% of total revenues were for the 6 months to Dec not for the full year as we initially indicated.
The Company said that sales are typically seasonally lower in the first half than the second half of the year.
McPherson six month revenues to December 2016 were $149.1 million.